This paper examines common tax issues encountered in general practice, and provides a summary of recent developments in legislation, administrative practice, and case law. It is especially relevant to those practitioners involved in the purchase or sale of businesses or in the set up and reorganization of family businesses and other closely-held corporate structures. In particular, the following topics are discussed: the sale of goodwill, the small business deduction, surplus stripping by individuals, and capital gains stripping by corporations.

This paper is part of a collection presented at LESA’s 6th Annual Law & Practice Update program in Calgary on October 14 & 15, 2016.